AMCIL LIMITED — Net Asset Value 2017

Apr 3, 2017

4 April 2017

The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre 20 Bridge Street Sydney NSW 2000

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Electronic Lodgement

Dear Sir / Madam

AMCIL Limited

Monthly Net Tangible Asset Backing Per Share and Top 20 Investments

	Before Tax*	After Tax*
31 March 2017	94 cents	88 cents
28 February 2017	91 cents	85 cents

*The before and after tax numbers relate to the provision for deferred tax on the unrealised gains in the Company’s investment portfolio. The Company is a long term investor and does not intend disposing of its total long term investment portfolio. Under current Accounting Standards, the Company is required to provide for tax on any gains that may arise on such a theoretical disposal, after the utilisation of any brought forward losses.

Attached is a list of the Company’s Top Twenty Investments as at 31 March 2017.

Yours faithfully

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Matthew Rowe Company Secretary

AMCIL LIMITED

TOP 20 INVESTMENTS AS AT 31/03/2017

Valued at closing prices at 31 March 2017

1 NAB National Australia Bank 2 LIC Lifestyle Communities 3 MFT Mainfreight 4 CBA Commonwealth Bank of Australia 5 BXB Brambles 6 CSL CSL 7 QBE QBE Insurance Group 8 JHX James Hardie Industries 9 QUB Qube Holdings 10 OSH Oil Search 11 WES Wesfarmers 12 TCL Transurban Group 13 MYX Mayne Pharma Group 14 TPM TPG Telecom 15 IPL Incitec Pivot 16 TWE Treasury Wine Estates 17 WLL Wellcom Group 18 BHP BHP Billiton 19 AMC Amcor 20 * AMP AMP As % of Total Portfolio (excludes Cash)	Total Value $ '000 10,420 10,280 9,212 8,306 7,607 7,457 7,212 7,063 7,004 6,369 6,158 5,785 5,700 5,591 5,431 5,158 4,925 4,740 4,536 4,503
	133,456
	60.2%

• Indicates that options were outstanding against part of the holding.

Cash position at 31 March 2017 - $23.0 million